Bulletproofs has been developed by Stanford University and University College London cryptographers, alongside startup Blocksteam. The bank suggests that the technology could be useful when dealing with privacy concerns, such as helping institutions like banks to obey the European Union’s General Data Protection Regulation (GDPR), and protecting sensitive client data.
ING has developed variants of zero-knowledge proofs, such as range proofs and ‘zero-knowledge set membership’. In range proofs, the amount is hidden within a range, whereas ‘zero-knowledge set membership’ provides a way to validate alphanumeric data within a specified set. Moreover, zero-knowledge proofs (ZKP) is also tested in trade finance.
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